Teva Shares Fall

Teva Pharmaceutical Industries (TEVA) shares on Wednesday dropped as the Israeli generic drug maker reported second-quarter earnings that were down more than 20% from the year before, but still came in better than expected.

Teva said revenue in the quarter ended June 30 was $4.34 billion, down from $4.7 billion in the prior-year period but ahead of Capital IQ’s consensus of $4.25 billion. Non-GAAP per-share earnings attributable to ordinary shareholders was $0.60, down from $0.78 last year. The Street had expected $0.58.

Teva share were down 8.6% in morning trading.

“During the second quarter, portfolio optimization and new launches stabilized in our North American generics business, Copaxone performed above expectations and Austedo achieved a very strong growth rate,” said Chief Executive Kare Schultz. “We continue to focus on our efforts on growth for Ajovy in the US and are excited by the early momentum of the products recent launches in the EU.”

North America revenues slid 8% from last year to $2.07 billion, led lower by sales declines for Copaxone for multiple sclerosis and Treanda/Bendeka used in chronic lymphocytic leukemia and non-Hodgkin lymphoma. Copaxone sales in the region sank 41% to $274 million while Treanda/Bendeka dropped 28% to $115 million. Sales of Ajovy for migraines came in at $23 million after being launched in the US last September. Austedo for movement disorders soared 117% to $96 million.

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